SKF India follows Global Initiative to Separate its Automotive & Industrial Business

Following the footprints of the global announcement made by AB SKF, SKF India Limited decided to split its Industrial business from the automotive business.

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SKF India Limited ("SKF India" or the "Demerged Company") is inter-alia, engaged in the manufacturing and dealing with products, solutions and services within rolling bearing, seals, mechatronics, and lubrication systems for the automotive sector and other industrial sectors (including railways, defence, wind energy, metal industry, etc.). The shares of the Demerged Company are listed on the Stock Exchanges.

SKF India (Industrial) Limited ("SKF Industrial" or the "Resulting Company") is incorporated to facilitate the proposed demerger of the industrial businesses from SKF India. Currently, the entire paidup capital of SKF Industrial is held by SKF India.

The proposed transaction

Board of Directors of SKF India Limited and SKF India (Industrial) Limited at their respective board meetings approved a Scheme of Arrangement ("Scheme") between SKF India Limited and SKF India (Industrial) Limited and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, which provides for the demerger of "Industrial Business" of SKF India into SKF Industrial.